Yes—but indirectly. The CARES Act states that your creditor has the option to offer you an “accommodation.” Generally this means that if you forbear or defer a loan, it will not negatively affect your credit score. However, private creditors are not required to provide accommodations, and they will not automatically extend the offer to you. You must ask for them.
Credit repair after debt relief and financial hardship
Following a national emergency, such as the Coronavirus (COVID-19) outbreak, many Americans experienced a serious financial setback. Fortunately there is relief offered at both the private and federal level that consumers can utilize to protect their credit scores.
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The National Emergency Focus Track
If a financial setback due to a national emergency has caused you to fall behind on mortgage payments, credit card bills, or others, it’s likely that there are options for taking control of your situation until you are in a stronger financial position. The National Emergency Focus Track is intended for individuals who are struggling due to experiences caused by a national emergency. Our team will analyze your credit accounts, scores, and reports to discover any overlooked options for relief and assistance.
What you get
Here are the specific features you can expect from the National Emergency Focus Track.
Affirmative Accommodation Inquiries
Goodwill Requests
Responsive Challenges
Forbearance Requests
Relief Under the CARES Act
Although the CARES Act provides some relief, it largely depends on the consumer to make specific requests to receive that relief. Our team will help you discover and request specific accommodations.
FAQs
The National Emergency Focus Track is dedicated to helping consumers find relief opportunities at the private and federal level. Our team will help you request specific accommodations, send goodwill requests to your financial institutions, confront violations of existing accommodations and help you make forbearance requests for federally-backed mortgages and student loans.
As we mentioned up above, there are strict credit reporting practices related to medical debt. We can help you work to remove any inaccurate items that may be negatively affecting your credit score, or reach out to your lenders to ask for a goodwill removal.
Each situation is different, and it’s difficult to estimate how long it can take to repair your credit. However, you will be able to track your credit repair process. You can stay up to date with any inaccurate items on your credit report and progress being made on your individual case through Lexington Law’s online portal.
If you have questions about recent changes to your credit score or reports, call one of our credit advisors for assistance.
“I have no idea how to get rid of the negative items on my report. I wish I started this process before it got as bad as it did, but I now know what it means to have a good credit score. Thank you, I will tell others what it is that you’re capable of.”
Arthur
OH
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Coronavirus Credit Help
As of April 3, over 17 million Americans have filed for unemployment benefits. If you’re new to the process, here’s what you can expect, new relief options provided by the CARES Act and how unemployment insurance will affect your credit.
Protection of your consumer rights
Our firm will keep your information secure as we take steps to protect your consumer rights and your credit during this challenging life event.